ISLAMABAD: Pakistan’s central bank chief signed a Memorandum of Understanding (MoU) with the Arab Monetary Fund (AMF) in Abu Dhabi on Friday to create a cooperative framework for an instant cross-border payment system, enhancing the swift flow of remittances.
The initiative is pivotal as a considerable number of Pakistanis, employed in varied sectors like construction, services, health care, and IT in the Middle East, send significant amounts of money that are a cornerstone of Pakistan’s economy.
Established in 1976, the AMF is an organization with key members such as Saudi Arabia and the UAE, and is committed to advancing financial cooperation and market development in the Arab region.
The MoU paves the way for integrating Pakistan’s Raast instant payment system with the Buna platform of the Arab Regional Payments Clearing and Settlement Organization (ARPCSO).
“This strategic collaboration with Raast underscores Buna’s commitment to continue connecting different regions together and reinforcing economic, financial, and investment ties between the Arab region and its main global partners,” Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of the AMF and Chairman of the Board of ARPCSO, said.
“This resonates with the shared vision of innovating cross-border payment solutions to offer safe and efficient cross-border instant payments access for individuals and corporates,” he continued.
Al Hamidy informed his organization aimed to increase cross-border remittances by reducing costs and processing times, adding this also confirmed the global character of the Buna platform.
The SBP governor described the MoU as a “significant strategic achievement,” hoping it would open the door to closer connection between Pakistan and the Arab region.
“This collaboration between SBP and AMF is in line with our vision to leverage cross border integrations to complement the objective of building an innovative Digital Financial Services ecosystem,” he said.
“The integration of the two payment systems will increase remittances to Pakistan through formal channels, with enhanced speed, safety, and savings in these cross-border transactions,” he added. “With over 5 million Pakistanis residing in the Arab region and around 55 percent of Pakistan’s total remittances received from Arab countries, SBP is committed to completing the necessary work and operationalize the connectivity between Raast and Buna in the shortest possible time.”
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
https://arab.news/jafpn
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
- Pakistan central bank chief says the initiative will increase remittances to the country through formal channels
- Over five million Pakistanis reside in the Arab region and contribute nearly 55 percent of the total remittances
Three players set for ODI debuts as Pakistan face Bangladesh in series opener
- Sahibzada Farhan, Maaz Sadaqat and Shamyl Hussain to make international debuts in Dhaka
- Captain Shaheen Shah Afridi says Pakistan confident despite Bangladesh’s strong home record
ISLAMABAD: Pakistan will hand One Day International debuts to three top-order batsmen when they face Bangladesh in the opening match of a three-game series in Dhaka today, Wednesday, with captain Shaheen Shah Afridi expressing confidence in the newcomers ahead of the contest.
Sahibzada Farhan, Maaz Sadaqat and Shamyl Hussain are set to earn ODI caps 255, 256 and 257 respectively, forming Pakistan’s top three in the series opener at the Sher-e-Bangla National Cricket Stadium.
“There will be three debutants for us in the first game,” Afridi told reporters ahead of the series. “Sahibzada Farhan and Maaz Sadaqat will open the batting, while Shamyl Hussain will bat at three.”
“I hope they will play their own game and show their skills. We are all excited to see them play for Pakistan not just for one series but future as well.”
Pakistan arrive in Bangladesh after winning their previous two ODI series at home against South Africa and Sri Lanka and held training sessions in Karachi before departing for Dhaka earlier this week.
Afridi said the team expected a competitive contest against Bangladesh, which traditionally performs strongly in home conditions.
“All the teams are very good in their home conditions and similarly Bangladesh have done well in their home ground as well,” he said. “As a team we are prepared well.”
Pakistan have historically dominated the bilateral ODI rivalry, winning 34 of the 39 matches played between the two sides, with one game ending without a result.
The three-match series marks the latest white-ball engagement between the teams after they faced each other in multiple T20I contests since May last year.
The match will begin at 1:15 p.m. Pakistan time and will be broadcast live on PTV Sports.
The two teams will play the other two ODIs on March 13 and March 15 at the same venue.
